6-K 1 a2050647z6-k.txt QUEBECOR WORLD - EDGAR FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For PRESS RELEASE ISSUED ON MAY 24, 2001 --------------------------------------------------------------------------- QUEBECOR WORLD INC. (FORMERLY KNOWN AS QUEBECOR PRINTING INC.) ------------------------------------------------------------------------------- (Translation of Registrant's Name into English) 612 SAINT-JACQUES STREET, MONTREAL, QUEBEC, H3C 4M8 ------------------------------------------------------------------ (Address of Principal Executive Office) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F) Form 20-F Form 40-F X ----- ----- (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes No X ----- ----- Page 1 of 6 Press Release of QUEBECOR WORLD INC. (Formerly known as Quebecor Printing Inc.) Filed in this Form 6-K Documents index 1. Press Release dated May 24, 2001 (#14/01) Page 2 of 6 [LOGO QUEBECOR WORLD] May 24, 2001 14/01 For immediate release Page 1 of 2 QUEBECOR WORLD NAMES JEFFREY L. PETERSON SENIOR VICE PRESIDENT - E-BUSINESS GREENWICH, CT. - Quebecor World today announced that Jeffrey L. Peterson, former Vice President of Global eBusiness at DuPont, has joined Quebecor World as Senior Vice President eBusiness. Peterson will define and develop a comprehensive eBusiness strategy for Quebecor World which will drive the utilization of eBusiness techniques to achieve competitive differentiation and cost savings for Quebecor World. "As electronic communication and workflow management tools continue to be developed, I am confident that Jeff will use his expertise to help us harness the power of eBusiness across a wide range of applications" said Quebecor World's North American President, Chairman and CEO, Marc Reisch. "As a part of focusing his efforts across our entire supply chain, Jeff's positive impact will be quickly felt by both our customer and supplier partners." Peterson has held a number of strategic technology management and Internet-related positions. In 1981, he helped found the Management Systems Laboratories of Virginia Tech and began his 20 year experience using Internet and eBusiness technologies in developing business strategy. He has held a variety of positions from Vice President Strategic Planning at a major Virginia bank, to leading the creation of a new Internet and web services company focused on the business application of the Internet to small and mid-sized companies, to serving as Vice President, e-commerce/e-technology for a division of General Electric. Joining DuPont in 2000, Peterson assumed global accountability for developing and leading the execution of DuPont's overall eBusiness strategy. Peterson is an industrial engineering graduate of Virginia Tech and received a master's degree in "Management of Technology" from the Massachusetts Institute of Technology. Quebecor World Inc. (NYSE, TSE: IQW) is the largest commercial print media services company in the world. The Company is a leader in most of its major product categories, which include magazines, inserts and circulars, books, catalogs, specialty printing and direct mail, directories, digital pre-media, logistics, mail list technologies and other value added services. The Company has over 43,000 employees working in more than 160 printing and related facilities in the United States, Canada, France, the United Kingdom, Spain, Switzerland, Austria, Sweden, Finland, Brazil, Chile, Argentina, Peru, Colombia, Mexico and India. Web address: www.quebecorworld.com - 30 - Page 3 of 6 FOR IMMEDIATE RELEASE Page 2 of 2 FOR FURTHER INFORMATION, PLEASE CONTACT: Jeremy Roberts Director, Corporate Finance and Investor Relations Quebecor World Inc. (514) 877-5118 (800) 567-7070 Tony Ross Director, Communications Quebecor Word Inc. (514) 877-5317 (800) 567-7070 PHOTO AVAILABLE IN THE PRESS RELEASE ON THE QUEBECOR WORLD WEBSITE : HTTP://WWW.QUEBECORWORLD.COM Page 4 of 6 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. QUEBECOR WORLD INC. By: /S/ MARIE D. HLAVATY --------------------- Name: Marie D. Hlavaty Title: Vice President, General Counsel & Secretary Date: May 24, 2001 Page 5 of 6 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. QUEBECOR WORLD INC. By: Name: Marie D. Hlavaty Title: Vice President, General Counsel & Secretary Date: May 24, 2001 Page 6 of 6

Three months =============================================================================================================== 2001 2000 Change --------------------------------------------------------------------------------------------------------------- CONSOLIDATED RESULTS Revenues $ 1,576.7 $ 1,630.4 (3)% Operating income before amortization 219.2 231.7 (5)% Operating income 136.4 138.2 (1)% Net income 42.5 37.6 13 % Cash provided from operating activities (153.5) 72.6 Free cash flow from operations* (218.6) 42.9 Operating margin before amortization 13.9 % 14.2 % Operating margin 8.7 % 8.5 % =============================================================================================================== SEGMENTED INFORMATION REVENUES North America $ 1,315.6 $ 1,377.7 (5)% Europe 227.1 227.3 - Latin America 34.2 25.5 34 % OPERATING INCOME North America $ 125.0 $ 119.6 5 % Europe 12.8 13.4 (4)% Latin America 1.9 1.7 12 % OPERATING MARGINS North America 9.5 % 8.7 % Europe 5.6 % 5.9 % Latin America 5.6 % 6.7 % =============================================================================================================== FINANCIAL POSITION Working capital $ 189.9 $ 147.5 Total assets 6,438.3 6,687.8 Long-term debt (including convertible notes) 2,333.7 2,795.2 Shareholders' equity 2,560.2 2,329.1 Debt-to-capitalization 48 : 52 54 : 46 =============================================================================================================== PER SHARE DATA Cash earnings** $ 0.38 $ 0.35 9 % Net income $ 0.27 $ 0.24 13 % Dividends on equity shares $ 0.10 $ 0.07 43 % Book value $ 15.32 $ 14.33 7 % ===============================================================================================================

CATEGORY UNITED STATES CANADA EUROPE LATIN AMERICA TOTAL Print* 51,775 3,401 32,363 10,300 97,839 Cable/Satellite 37,500 2,300 26,500 7,625 73,925 Box Office 7,470 540 5,300 580 13,890 Home Video 21,860 1,400 7,000 700 30,960 Recorded Music 15,170 890 12,500 1,950 30,510 TOTAL 133,775 8,531 83,663 21,155 247,124

By Geographic Segment By Product North America 84% Magazines 28% Europe 14% Retail inserts 17% Latin America 2% Catalogs 17% Specialty & Direct 14% Books 12% Directories 6% Pre-media & Logistics 6%

=============================================================================================== 2001 2000 ----------------------------------------------------------------------------------------------- REVENUES $ 1,576,743 $ 1,630,439 Operating expenses: Cost of sales 1,234,663 1,272,881 Selling, general and administrative 122,891 125,903 Depreciation and amortization 82,793 93,409 ----------------------------------------------------------------------------------------------- 1,440,347 1,492,193 ----------------------------------------------------------------------------------------------- OPERATING INCOME 136,396 138,246 Financial expenses 54,365 61,094 ----------------------------------------------------------------------------------------------- Income before income taxes 82,031 77,152 Income taxes 22,805 22,882 ----------------------------------------------------------------------------------------------- Income before minority interest 59,226 54,270 Minority interest 893 442 ----------------------------------------------------------------------------------------------- NET INCOME BEFORE GOODWILL AMORTIZATION 58,333 53,828 Goodwill amortization, net of taxes 15,877 16,219 ----------------------------------------------------------------------------------------------- NET INCOME $ 42,456 $ 37,609 Net income available to holders of preferred shares 3,216 2,582 ----------------------------------------------------------------------------------------------- Net income available to holders of equity shares $ 39,240 $ 35,027 =============================================================================================== EARNINGS PER SHARE $ 0.27 $ 0.24 EARNINGS PER SHARE BEFORE GOODWILL AMORTIZATION $ 0.38 $ 0.35 ----------------------------------------------------------------------------------------------- Average number of equity shares outstanding (in thousands) 145,057 147,700 =============================================================================================== RETAINED EARNINGS: Balance, beginning of period $ 870,272 $ 650,155 Net income 42,456 37,609 Shares and convertible notes repurchased (17,090) 91 Share issue expenses (note 5(a)) (2,990) - Dividends: Equity shares (14,311) (10,339) Preferred shares (2,456) (2,589) ----------------------------------------------------------------------------------------------- BALANCE, END OF PERIOD $ 875,881 $ 674,927 ===============================================================================================

========================================================================================================== 2001 2000 ---------------------------------------------------------------------------------------------------------- OPERATING ACTIVITIES: Net income $ 42,456 $ 37,609 Non-cash items in net income: Depreciation of property, plant and equipment 77,045 86,615 Amortization of goodwill and deferred charges 21,624 23,013 Imputed interest 924 1,448 Amortization of deferred financing costs 1,276 2,888 Deferred income taxes 14,873 12,484 Minority interest 893 442 Other (369) (774) Changes in non-cash balances related to operations: Trade receivables (56,461) 80,597 Inventories (5,992) (40) Trade payables and accrued liabilities (215,215) (156,706) Other current assets and liabilities (4,285) 1,007 Other non-current assets and liabilities (30,295) (16,004) ----------------------------------------------------------------------------------------------------- Cash (used) provided from operating activities (153,526) 72,579 FINANCING ACTIVITIES: Net change in bank indebtedness (1,223) 104 Net proceeds from issuance of equity shares 2,611 1,030 Repurchases of shares for cancellation (40,402) - Net proceeds from issuance of preferred shares 127,211 - Issuance of long-term debt 249,323 - Repayments of long-term debt and convertible notes (126,250) (40,322) Dividends on equity shares (14,311) (10,339) Dividends on preferred shares (2,456) (2,589) ----------------------------------------------------------------------------------------------------- Cash provided (used) from financing activities 194,503 (52,116) INVESTING ACTIVITIES: Acquisitions of businesses, net of cash and cash equivalents (note 2) (37,686) - Additions to property, plant and equipment (63,500) (42,794) Net proceeds from disposal of other assets 910 15,682 ----------------------------------------------------------------------------------------------------- Cash used by investing activities (100,276) (27,112) Effect of exchange rate changes on cash and cash equivalents 8,550 6,374 ---------------------------------------------------------------------------------------------------------- Net decrease in cash and cash equivalents (50,749) (275) Cash and cash equivalents, beginning of period 52,732 3,613 ---------------------------------------------------------------------------------------------------------- Cash and cash equivalents, end of period $ 1,983 $ 3,338 ========================================================================================================== Supplemental cash flow information: Interest paid $ 65,732 $ 65,483 Income taxes paid 21,944 4,309 ==========================================================================================================

MARCH 31 December 31 March 31 (UNAUDITED) (Audited) (Unaudited) ======================================================================================================= 2001 2000 2000 ------------------------------------------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 1,983 $ 52,732 $ 3,338 Trade receivables, net of allowances for doubtful accounts of $20,189, $17,823, and $19,188 respectively 639,876 584,047 651,524 Receivables from related parties 3,931 3,048 1,700 Inventories 466,722 461,340 483,950 Deferred income taxes 58,083 58,083 36,385 Prepaid expenses 34,271 26,024 30,055 ---------------------------------------------------------------------------------------------- 1,204,866 1,185,274 1,206,952 Property, plant and equipment, net of accumulated depreciation of $1,300,936, $1,262,281, and $1,249,468 respectively 2,649,304 2,682,983 2,833,069 Goodwill, net of accumulated amortization of $158,398, $144,114 and $112,709 respectively 2,432,267 2,459,510 2,500,488 Other assets 151,812 156,893 147,299 ------------------------------------------------------------------------------------------------------- $ 6,438,249 $ 6,484,660 $ 6,687,808 ======================================================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank indebtedness $ 1,835 $ 3,129 $ 3,996 Trade payables 442,583 632,550 466,836 Accrued liabilities 475,193 522,907 474,113 Income and other taxes 10,659 6,011 41,607 Current portion of long-term debt and convertible notes 84,689 87,212 72,859 -------------------------------------------------------------------------------------------------- 1,014,959 1,251,809 1,059,411 Long-term debt (note 4) 2,142,930 2,015,554 2,555,623 Other liabilities 274,116 290,788 288,879 Deferred income taxes 326,538 326,137 266,082 Convertible notes 106,063 105,936 166,695 Minority interest 13,463 20,556 22,058 Shareholders' equity: Capital stock (note 5) 1,740,741 1,631,241 1,654,786 Additional paid-in capital 88,737 88,737 88,737 Other paid-in capital 15,849 15,849 17,976 Retained earnings 875,881 870,272 674,927 Translation adjustment (161,028) (132,219) (107,366) ------------------------------------------------------------------------------------------------------- 2,560,180 2,473,880 2,329,060 ------------------------------------------------------------------------------------------------------- $ 6,438,249 $ 6,484,660 $ 6,687,808 =======================================================================================================

================================================================================================================ NORTH LATIN INTER- AMERICA EUROPE AMERICA OTHER SEGMENT TOTAL ---------------------------------------------------------------------------------------------------------------- First quarter ended March 31, 2001 REVENUES $1,315,635 $ 227,077 $ 34,150 $ - $ (119) $1,576,743 OPERATING INCOME 125,021 12,827 1,911 (3,363) - 136,396 2000 Revenues 1,377,673 227,344 25,459 - (37) 1,630,439 Operating income 119,604 13,425 1,701 3,516 - 138,246 ================================================================================================================

1998 1999 2000 2001 5.7% 6.2% 8.5% 8.7%

1998 1999 2000 2001 Net Income (Histogram) $21,232 $23,185 $37,609 $42,456 EPS (Line) $0.16 $0.18 $0.24 $0.27 Cash EPS (Line) $0.19 $0.21 $0.35 $0.38

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